SOURCE: Seadrill Limited

June 09, 2008 07:39 ET

SDRL - Seadrill to build new semi-tender in Southeast Asia

HAMILTON, BERMUDA--(Marketwire - June 9, 2008) -

Seadrill has today entered into an agreement with Keppel O&M in Singapore to build a new semi-submersible self-erecting tender rig (semi-tender). Total project price for the semi-tender is estimated at US$210 million. The new rig is scheduled for delivery in the first quarter 2011 and will be based on a similar design and specification as the semi-tender currently under construction at Keppel. The new unit is targeted for harsher environment and deepwater drilling operations in combination with floating wellhead platforms such as TLPs and Spars.

Alf C Thorkildsen, Chief Executive Officer of Seadrill Management AS says, "We are pleased to announce the addition of a new semi-tender to our existing fleet of 16 units. The tender rig business has delivered superb results both operationally as well as economically over the last decade, and based on the continued strength of the offshore drilling market we continue to see strong growth and earnings potential for this business."

Analyst contact:
Jim Dåtland
Vice President Investor Relations
Seadrill Management AS
+47 51 30 99 19

Media contact:
Alf C Thorkildsen
Chief Executive Officer
Seadrill Management AS
+47 51 30 99 19

Seadrill Limited
Hamilton, Bermuda
June 9, 2008

Copyright © Hugin AS 2008. All rights reserved.

Contact Information